Aberdeen closes 21 funds in move away from retail

Group alters names of £7m european champions and £61m global champions funds

Aberdeen is to close 21 funds in a bid to refocus its business away from the retail market and towards discretionary managers. Besides removing overlap and uneconomic funds from the range and converting its unit trusts to Oeics, the revamp reflects Aberdeen's change in business strategy. The group is looking to deliver a range of specialist mandates, such as Asia Pacific and high yield, and a range of specialist products in mainstream markets unconstrained by benchmarks. There are no anticipated redundancies and the changes will be staggered over the next six months, reducing t...